The company is a special purpose acquisition company (SPAC) formed to identify and complete an initial business combination with one or more unspecified target businesses. It maintains proceeds from its initial public offering and warrant sales in a trust account designated for either a business combination or shareholder redemption, supplemented by sponsor financing commitments, and seeks to acquire and operate a target business for the long term rather than engage in merchant banking or private equity-style buying and selling. The company is not restricted to any particular industry sector, except that it will not combine with another blank check company, and it operates under a contractual deadline by which it must complete a business combination or otherwise liquidate and return funds to shareholders.